the factors of production

Question 1

what do the factors of production refer to?

Answer 1

the factors of production refer to the resources required to make a good or service

Question 2

what are the factors of production?

Answer 2

land, labour,capital,enterprise

Question 3

what is land?

Answer 3

the natural resources required in the production process

Question 4

what is labour?

Answer 4

the human labour required in the production process

Question 5

what is capital?

Answer 5

the manufactured resources required in the production process

Question 6

what is enterprise?

Answer 6

the skills a business person requires to manage and combine the other factors of production

Question 7

what is the reward paid for land?

Answer 7

rent

Question 8

what is the reward paid for labour?

Answer 8

wages and salary

Question 9

what is the reward paid for capital?

Answer 9

interest

Question 10

what is the reward paid for enterprise?

Answer 10

profit

Question 11

what is the mobility of factors of production?

Answer 11

mobility of factors of production refers to the extent to which the factors of production can be changed for one another in the production process

Question 12

what is geographical mobility?

Answer 12

geographical mobility refers to the willingness and ability of a person to relocate from one place to another for employment purposes

Question 13

what is occupational mobility?

Answer 13

occupational mobility refers to the ease with which labor can move between jobs